Market Definition
The Indian electric two-wheeler (2W) and three-wheeler (3W) vehicle market, valued at USD 1.78 billion in 2022, is projected to grow to USD 119.66 billion by 2032, achieving a remarkable CAGR of 48.48% during this period. Electric two-wheelers, including e-scooters and e-motorcycles, operate entirely on electricity and are powered by rechargeable batteries, eliminating the reliance on traditional fuels. The market has witnessed significant growth, particularly in low and medium-speed E-2Ws, which are competitive in pricing with internal combustion engine (ICE) vehicles, thanks to initiatives like FAME India. Additionally, high-speed lithium-ion battery E-2Ws are gaining traction as companies achieve FAME-2 certification, positioning themselves for substantial growth in the coming years.
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Market Dynamics
Electric three-wheelers, particularly e-rickshaws, have also seen a surge in popularity due to their affordability and efficiency for short-distance public transportation. The low-speed E-3W market has expanded rapidly, with over 600 registered players and unorganized manufacturers accounting for about 60% of the e-rickshaws in operation. As the market shifts towards lithium-ion technology, which is now used in 80% to 90% of new models, the demand for electric 2W and 3W vehicles is expected to rise. The growth is further supported by technological advancements, decreasing costs of batteries, and the expansion of new markets across India, indicating a bright future for the electric vehicle sector in the country.
Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers, and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
The report analyses the India Electric 2W and 3W Vehicle market based on vehicle type, battery type, battery capacity, range, and region. Based on vehicle type, it is bifurcated into electric 2-wheeler vehicles and electric 3-wheeler vehicles. Based on battery type, it is segmented into lithium-ion, lead acid, and solid state. The lithium-ion segment is expected to dominate the market during the forecast period. Based on battery capacity, it is segmented into less than 3 kW, 3 to 7 kW, and above 7 kW. The 3 to 7 kW segment is expected to be the largest segment in the India Electric 2W and 3W Vehicle market in 2022. Based on range, it is segmented into less than 100 km, 100 to 150 km, and above 150 km. The 100 to 150 kms segment is expected to dominate the market during the forecast period. Region-wise, it is studied across South India, North India, West India, East India, and Central India. The North India market is expected to hold the majority of the market share.
Key Player
The key players studied in the India Electric 2W and 3W Vehicle market are Hero Electric Vehicles Pvt. Ltd., Bajaj Auto Limited, Mahindra & Mahindra Limited, Okinawa Autotech International Private Limited, Greaves Electric Mobility Private Limited (Ampere), TVS Motor Company, Ather Energy Private Limited, Revolt Intellicorp Private Limited, Ola Electric Mobility Pvt Ltd, Piaggio Vehicles Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Lohia Auto, Atul Auto Limited, Euler Motors Private Limited, PuR Energy Private Limited (PURE EV).
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porter 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Forecast Period – 2024-2033
- Base Year – 2023
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